crude Archives - Iran News Daily

Iran Taking Crude from Shared Oilfield with UAE

reporter 1222 — Mon, 31 Aug 2020 03:59:04 +0000

TEHRAN (Iran News) – Iran has begun taking crude oil from a new platform installed at Salman oilfield, a major oil reserve located in the Persian Gulf and shared with the United Arab Emirates (UAE).

IRNA reported that oil production from the S1 drilling rig had started earlier in the day, some six months after the giant structure was installed in a location around 140 kilometers off the Iranian island of Lavan in the Persian Gulf.

Production began after Iranian engineers and servicemen successfully hooked up the S1 platform and tested all its installations and connections to other rigs at Salman oilfield, said the IRNA report.

Taking crude from the shared rig with UAE, which has been fully designed and built inside Iran, comes at a time of increasing efforts by Iran to maintain and boost its oil production despite a fall in sales that has come as a result of American sanctions.

Shared oilfields have been a main focus of increased output schemes in Iran. Oil Ministry authorities said earlier this week that production from oilfields located to the west of the Karun River and shared with Iraq had increased several fold in six years to reach 400,000 bpd this year.

That comes as development of oilfields faced a brief halt in recent years mainly because foreign contractors stalled the projects before leaving them under increasing American pressure.

Iran has also developed its massive natural gas reserves in the Persian Gulf, where production from South Pars, the world’s largest gas reserves which is shared with Qatar, has nearly tripled in six years to reach around 700 million cubic meters a day.

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S Korea’s imports of Iranian crude exceed $100m in Jan.

reporter 1222 — Tue, 19 Feb 2019 13:33:55 +0000

South Korean companies imported $101.2 million worth of Iranian crude last month, the first such move in five months, data showed Tuesday.

The January figure represents less than one-fifth of $539 million, the average monthly Iranian crude oil imports for the first seven months of 2018, according to the data from the Korea Customs Service, Yonhap reported.

South Korean companies stopped importing Iranian crude oil in September last year, two months before the United States reinstated its unilateral sanctions against Tehran after lifting restrictions following the 2015 landmark nuclear deal.

Still, South Korea and seven other countries have been granted waivers to continue to buy Iranian oil over the next six months. South Korea is the third-largest buyer of Iranian oil.

South Korean refiners and chemical firms had relied heavily on Iranian condensate for production of various petrochemical products thanks to a stable supply and price competitiveness.

Naphtha, a key raw material for petrochemicals, is derived from condensate.

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China’s import of Iranian crude hits record high

reporter 1222 — Sat, 08 Sep 2018 04:30:04 +0000

China’s crude imports from Iran in August have reached 874,000 b/d which is the highest record in oil trading of the two countries.

The last record high was in April 2014 when china imported 803,000 b/d from Iran.

As reported by S&P Global Platts, the imports in August included barrels directly shipped to China and a VLCC cargo that offloaded in Myanmar and was reportedly sent via the China-Myanmar pipeline to a refinery in southwest China.

Accordingly, China has imported 165.57 million barrels over January to August 0f 2018 which is 72 percent of total Iranian crude imports in 2017.

Analysts believe that this raise in imports is due to Chinese buyers’ intention to take as many Iranian barrels as possible ahead of the re-imposition of US sanctions in November.

It is expected that China would remain biggest buyer of Iranian crude despite US will and Chinese officials have repeatedly announced that they continue bilateral ties with Iran even after the re-imposition of US sanctions.

US president Donald Trump unilaterally pulled the United Stated out of Joint Comprehensive Plan of Action (JCPOA) and said that he will re-impose sanctions against Iran.

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S Korea’s June Crude Imports from Iran Fall to 3.5-Year Low

reporter 1222 — Sun, 15 Jul 2018 08:50:30 +0000

South Korea’s imports of Iranian oil fell 40.3 percent in June from the same month a year ago to their lowest since January 2015.

South Korea, one of Asia’s major Iranian oil customers, imported 686,849 tons of Iranian crude in June, or 167,820 barrels per day (bpd), compared with 1.15 million tons in June 2017, customs office data showed on Sunday.

That was down 9.5 percent from May, Reuters reported.

In the first half of this year, South Korea’s intake of Iranian crude slid 33.9 percent compared with the same period last year to 6.13 million tons, or 248,367 bpd, according to the data.

The drop comes after US President Donald Trump’s administration pulled out of the 2015 nuclear deal between Tehran and world powers and announced plans to renew economic sanctions on Tehran.

Seoul has been in talks to get an exemption from the United States in a bid to avert any adverse impact from halting Iranian oil imports. In August, people familiar with the matter have said, South Korea’s Iranian oil imports could be zero for the first time in six years.

South Korea mainly purchases an ultra-light form of crude oil, known as condensate, from Iran.

In 2012, South Korea managed to get a waiver on the previous round of sanctions by importing limited amounts of Iranian oil during that time. Those sanctions were lifted in 2016.

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Iran exports 2.28mn bpd of crude oil, 330k gas condensate

reporter 1222 — Mon, 02 Jul 2018 13:30:54 +0000

Iran exported more than 2,28 million barrels of crude oil per day and more than 330,000 barrels of gas condensate in June.

According to the statistics for June, 2018, Iran exported more crude oil this year compared to the same period last year.

The country exported 2.11 million bpd last June, indicating more than 150,000 bpd this year.

The average price of Iranian oil has risen to more than $ 66 a barrel since the beginning of the current Iranian year (beginning on March 21.)

Iranian Government Spokesman Mohammd Bagher Nobakht recently announced an increase of 74 percent in Iran’s oil revenues in the first three months of the current Iranian year, saying the amount of the income is 59.8 percent higher than the first three months of last year.

These figures show that despite the United States withdrawal from the nuclear deal and its attempts to block Iran oil sale to zero, Iran’s crude exports have not diminished.

Iran exports about 35% of its oil to Europe while the rest is exported to Asian markets.

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Iran holds world’s 4th largest crude oil reserves

reporter 1222 — Sat, 19 May 2018 15:30:31 +0000

In its latest report, US Energy Information Agency (EIA) announced that Islamic Republic of Iran holds fourth largest crude oil reserves in the world.

In addition, EIA said that Iran owns second largest natural gas reserve in the world.

Following lifting of sanctions imposed by US against Iran’s oil sector in 2016, Iran’s oil output volume hit more than 3.8 million barrels per day (bpd) in 2017.

Despite its rich oil reserves, Iran’s crude oil production volume experienced a considerable decline due to insufficient investment and negative impacts of internationally-imposed sanctions on the Islamic Republic of Iran.

Unlike significant oil slump, natural gas production volume of the country has increased considerably during these years, EIA observed.

Islamic Republic of Iran has one of the largest proven oil and gas reserves in the world. The country is ranked among top 10 and five main oil and gas producing countries in the world respectively.

EIA went on to say that Iran produced about 4.7 million barrels of oil per day (bpd) in 2017. Moreover, the country produced about 7.2 trillion cubic meter dry natural gas per day in 2017, showing a considerable hike.

Consignments of Liquefied Natural Gas (LNG) is also transferred through Hormuz Strait in such a way that about 3.7 trillion cubic meter LNG, produced in Qatar in 2016, was exported to the world countries via Hormuz Strait.

According to the International Monetary Fund (IMF), Iranian government obtained over $33.6 billion revenues from exporting oil and natural gas in 2015-20126 fiscal year.

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Iran raises June crude prices for loadings to Asia

reporter 1222 — Sat, 12 May 2018 09:50:56 +0000

TEHRAN – National Iranian Oil Company (NIOC) has raised the June official selling price (OSP) for all its crude grades loading for Asia, Platts reported quoting a company source as saying on Wednesday.

As reported, The OSP for Iranian Light crude was raised by 70 cents per barrel to a premium of $2 per barrel above the Oman/Dubai average for the same month.

Meanwhile, Iranian Heavy and Forozan OSPs were raised by 85 cents per barrel each to a discount of 65 cents per barrel and 36 cents per barrel, respectively, for June.

NIOC also raised the June OSP for Asia-bound Soroush grade by 55 cents per barrel to a discount of $5.30 per barrel against Oman/Dubai in the mentioned month.

Iran set the official selling price (OSP) of its Light crude oil for Asian buyers at $1.20 a barrel above Oman/Dubai quotes for April, 60 cents lower than the previous month, Reuters reported in March.

The National Iranian Oil Company also cut prices for three other grades it sells to Asia, setting Iranian Heavy and Forozan at their widest ever discounts against rival grade Arab Medium from Saudi Arabia as Tehran steps up efforts to retain market share in Asia.

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Iran’s heavy crude price jumps 8.2% in January

reporter 1222 — Wed, 14 Feb 2018 06:15:21 +0000

TEHRAN- According to OPEC’s latest monthly report published on February 12, Iran’s heavy oil price reached $65.85 in January, an increase of $4.98 or 8.2 percent from $60.87 in December.

Based on the data presented, the country’s average heavy crude price stood at $51.90 in 2017.

The report also put Iran’s oil production, based on secondary sources, at 3.829 million barrels per day (bpd) in the mentioned month, 3,000 bpd less than that of December.

Iran produced 3.832 million barrels per day of crude oil in December, the report read.

The report also provided the OPEC member’s oil output based on direct communication for the first month of 2018 upon which the output stood at 3.817 million bpd, a 6,000 bpd rise compared to 3.811 million bpd in December.

The OPEC MOMR stated that OPEC NGLs and non-conventional liquids output in 2017 is estimated to grow by 0.17 million bpd, averaging 6.31 million bpd, while for 2018, growth of 0.18 million bpd is forecast to average 6.49 million bpd. Production growth is expected to be mainly in Iran and Saudi Arabia.

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Iran 10-month crude output up 165kbd

reporter 1222 — Sun, 04 Feb 2018 10:15:13 +0000

TEHRAN – Iranian Minister of Petroleum Bijan Zangeneh says the country’s petroleum output has increased by 165,000 b/d in the first 10 months of the current Iranian calendar year which began on March 21 compared to the same period last year.

Addressing a press conference here in Tehran on Sunday, the official said Iran’s crude exports have also increased by 60,000 b/d in the period year-on-year, Iran’s oil ministry website SHANA reported on Sunday.

The country has ramped up its crude oil output and export by at least a million barrels per day in the post-JCPOA (Joint Comprehensive Plan of Action) setting, the official said.

Mr. Zangeneh further added that crude oil production in West Karoon Play has reached 305,000 b/d in the month of Dey (10th month in Iranian calendar, December 22–January 20) from 165,000 b/d last year.

“Production of oil from joint oilfield is a priority [for Iran] and oil recovery from South Yaran, Azar, and the oil layer of South Pars has reached 63,000 b/d,” the official added.

He also said that Iran’s production of gas from South Pars, a supergiant gas field the country shares with Qatar in Persian Gulf waters, has grown from 285.9 mcm/d in 2012 to 553 mcm/d in the current calendar year.

5 South Pars Phases online Next Year

The official further said that next [calendar] year, five phases, including Phase 13, Phases 22-24 and half of Phase 14 will be inaugurated.

By the end of the month of Dey, 92% of the total population and 76% of the rural population were covered by the gas supply network in Iran, he added.

“With the delivery of more gas to power plants, this year, despite the increase in annual fuel consumption of power plants, the amount of liquid fuel consumed by them is below 10%,” he added.

Iran Gasline Ready to send gas to Iraq

“Speaking of gas export, our export line is ready to send gas to Iraq’s Basra and also Naftshahr,” he added. “However, in the Basra pipeline, the Iraqi side is still not ready. Despite the cold, we have nearly 13 million cubic meters of gas at our disposal for export to Iraq.”

No hassles in South Pars 11 Deal with Total

The official insisted that the development project of South Pars 11 is being executed with the consortium of France’s Total, China’s CNPCI and Petropars of Iran as planned.

Total must construct a platform to boost pressure in the second phase of the project, he added, saying the country will need an investment of about 28 billion dollars for launching such platforms for each phase of the gas field.

Natural Gas and Petrochemical Sectors

The official also touched on the petrochemical sector saying Iranian President Hassan Rouhani will inaugurate a number of petrochemical proejcts valued at $2 billion next year.

The domestic demand for petrochemical feedstock is projected to grow by 17% next year, he added.

“Iran’s petrol output has increased by 16.5 million liters/day compared to last year, mostly from the Bandar Abbas Gas Condensate Refinery; the distillation unit of the plant is about to come on-stream, and we hope that all 3 units of the facility come online next year.”

“Iran has incurred huge expenses building its share of the Iran-Pakistan gasline, but the other side has not fulfilled its contractual obligations so far, so we have to enter the legal follow-up phase, but all dimensions of the matter must be taken into account,” said Zangeneh.

Turkmenistan cut its gas exports to Iran last winter, but there has not been a major problem in this regard, he said.

Turkmenistan has already filed a case against Iran. “We believe that they have also inflicted losses on us that we are pursuing”.

Crude Oil Market and OPEC

“OPEC’s measures to push up the prices is short-lived, and the issue of increasing production capacity is a long-term issue. Any country that builds capacity for oil production will ultimately be the winner.”

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Iran’s monthly crude steel output up 24% yr/yr

reporter 1222 — Thu, 23 Nov 2017 09:01:08 +0000

TEHRAN- Iran produced 1.98 million tons of crude steel during October 2017, with a 24.2 percent rise from 1.597 million tons in the same month last year, according to the World Steel Association (WSA).

The WSA also announced that the country’s crude steel production stood at 17.901 million tons during the first ten months of 2017, showing 20.9 percent growth from 14.804 million tons in the same period of time in the previous year, IRIB reported.

Meanwhile, Iran produced over two million tons of sponge iron in October this year, indicating 46 percent increase from October last year, and 16.4 million tons of the product during the first ten months of 2017 with 22 percent growth from the same time span in 2016.

The country’s crude steel output stood at 18.466 million tons in the past Iranian calendar year 1395 (ended on March 20), showing 11 percent rise from 16.656 million tons in 1394.

Iran exported 5.5 million tons of crude steel in the past year, with 27 percent increase from the figure of its preceding year.

Iranian Steel Manufacturers Association’s Secretary Rasoul Khalifeh-Soltan believes that while the country’s steel industry’s growth has been 5.7 percent on average in the recent years, the figure can reach 10 percent this year, given the promising condition the sector enjoys at present.

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